In a report published Tuesday, Morgan Stanley analyst Ricky R. Goldwasser reiterated an Equal-Weight rating on Charles River Laboratories CRL, but removed the $60.00 price target.
In the report, Morgan Stanley noted, “Pharma consolidation could driver near-term volatility but is factored in CRL's operating budget. While Large-scale pharma M&A, if it materializes, could translate to delays in project starts, CRL portfolio of services and diversified customer mix are in better position to weather the volatility than it was in prior merger waves. Mgmt also noted that revenues from biotech clients now exceed pharma's and pointed to an increasing mix of academic/govt. sales. Importantly, CRL's operating plan already assumes some level of pharma mergers. CEO views deals such as Novartis/GSK, which strengthen therapeutic areas as more thoughtful and beneficial to the CRO industry.”
Charles River Laboratories closed on Monday at $54.02.
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